Reflecting the seasonal increase that comes with football season, Virginia sports bets in August 2022 show a surge in numbers after four consecutive months of decline.
According to data released by the Virginia Lottery on Friday, the state garnered $284.7 million from sports bets in August, marking a 7% rise compared to July.
In August 2022, sports betting in Virginia witnessed a remarkable 56% surge compared to the same month in 2021. The total amount of money accumulated by Virginia sportsbooks in August 2021 amounted to $182.4 million.
State crosses $1 million mark for responsible gaming fund
In the month of August, Virginia sportsbooks generated $31.4 million in adjusted gross revenue, resulting in a tax collection of $4.5 million for the state.
In August, the state imposes a 15% tax rate on the profits generated from sports betting.
- The general fund received a total of $4.4 million.
- A total of $111,853 was allocated for addressing the issue of problem gambling.
The Problem Gambling Treatment and Support Fund receives a specific allocation of 2.5% of gaming profits, which is managed by the Virginia Department of Behavioral Health.
Starting in January 2021, Virginia implemented taxes on sports bets, coinciding with the commencement of customers placing their initial game bets. Since then, the state has successfully amassed $1.1 million dedicated to addressing problem gambling treatment.
By the numbers: August 2022 Virginia sports bets
- Virginia’s 13 sportsbooks witnessed customers winning approximately $248 million out of the total $284.7 million placed in sports bets. This resulted in a 13% profit for the companies facilitating these sports wagers.
- Taxable profits were recorded by nine out of the 13 casinos in the state at the end of the month.
- Approximately $6.2 million has been wagered by customers since the introduction of sports betting in Virginia.
- The total sports betting revenue generated in Virginia throughout its lifetime amounts to $554 million.
- Since the commencement of sports betting, the state has accumulated a total of $43 million in tax revenue.
The sole land-based sportsbook in Virginia, Bristol Casino – Future Home of Hard Rock, witnessed a majority of its customers opting for online platforms to place their sportsbook bets.
Which companies take Virginia sports bets?
According to state code, Virginia has a limit of “no more than 12 permits” for sportsbooks. However, there are exceptions to this law. The count can be increased for operators who collaborate with Virginia casinos or sports venues in the Washington D.C. area.
| Sportsbook | Date of First Bet | |
|---|---|---|
| 1. | FanDuel | Jan. 20, 2021 |
| 2. | DraftKings | Jan. 24, 2021 |
| 3. | BetMGM | Jan. 27, 2021 |
| 4. | BetRivers | Jan. 27, 2021 |
| 5. | Caesars | Feb. 3, 2021 |
| 6. | WynnBet | March 9, 2021 |
| 7. | Unibet | April 28, 2021 |
| 8. | Barstool | Aug. 10, 2021 |
| 9. | Golden Nugget (no longer available) |
Sept. 29, 2021 |
| 10. | Bally Bet | Nov. 24, 2021 |
| 11. | PointsBet | Dec. 12, 2021 |
| 12. | Hard Rock | March 31, 2022 |
| 13. | SI Sportsbook | May 9, 2022 |
| 14. | Betway | May 17, 2022 |
| 15. | bet365 | TBD |
Sport betting and casino bets in Virginia are regulated by the Virginia Lottery, which provides monthly reports for both sectors.
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